Oct 11, 2010

Saratoga to convey synergies to Arpeni

Stellar private equity firm Saratoga Capital has entered into term sheet agreement with PT Arpeni Pratama Ocean Line Tbk (APOL) in a bid to acquire US$60 million convertible bonds (CB) and new shares issued by the bulk liquid shipping company.

But, the problem of bankruptcy filed by Korea Securities Finance Corporation against Arpeni Ocean Line persists. Saratoga Capital should settle Arpeni's debt to Korea Securities if the deal could be exercises.